Search ASX quotes

Latest updates

S&P/ASX200 reached a low at 11am, then climbed higher in the afternoon to close at 6510.

4.26pm on May 22, 2019

The S&P/ASX 200 ended the day nearly 11 points higher at 6510.7, a gain of 0.2 per cent. The market dropped down to 6478 just before lunchtime, then climbed steadily throughout the afternoon.

The most points were added by Westpac, which increased for a third day in a row to close 1 per cent higher at $28.81. Wesfarmers also added points with a rise of 1.3 per cent to $37.12, and Stockland increased 3.8 per cent to $4.42.

The best performing sectors were materials and consumer discretionary. The materials were boosted by a 0.3 per cent gain in BHP to $38.07, a 3.8 per cent gain in Boral to $5.18, and a 2.2 per cent rise in James Hardie to $18.90. Consumer discretionary was boosted by Wesfarmers gaining 1.3 per cent to $37.12, Harvey Norman rising 3 per cent to $4.14, and JB HiFi rising 2.2 per cent to $27.45.

Advertisement

3.46pm on May 22, 2019

Westpac is up to $28.78 this afternoon, a one-day rise of 1 per cent. The stock has not traded this high since September 2018. The gains are helping to push the ASX higher in afternoon trading, with the S&P/ASX 200 now 10 points higher to 6510.

In other news, the elegantly named Trustees Australia has officially changed its name to Cashwerkz to signal its new fintech direction.

"The name change reflects the success to date and intention to continue to deliver innovative solutions for defensive assets for investors, incorporating choice from over 43 authorised deposit-taking institutions," chief executive Hector Ortiz tells the market this afternoon.

2.44pm on May 22, 2019

"Uninspiring", "unforgiving" and "modest" are not the sort of adjectives usually applied to mine projects courted by BHP and Newcrest Mining. But one of Australia's top mining analysts used all of them in his analysis of the feasibility study published this week by Ecuador-focused copper and gold explorer SolGold.

Credit Suisse analyst Michael Slifirski said the mine project envisaged by SolGold for its Alpala deposit was world class in terms of its scale and risk profile, but was "not world class in grade". "The low-grade tenor of the project and high capital requirement appears to make it an unforgiving project that must be supported by other sources of cash flow," he said in a note to clients.

"Management presumably hope to identify and bring to production higher grade ore sources to improve the currently uninspiring long tail of modest cash generation." Mr Slifirski's comments came after the Alpala "preliminary economic assessment" was published on Monday evening Australian time, and outlined a mine capable of producing an average of 150,000 tonnes of copper per year over a lifespan of between 49 and 66 years.

The S&P/ASX 200 is now nearly 6 points higher at 6506, a rise of less than 0.1 per cent. It has gained steadily throughout the afternoon after hitting 6478 around 11am.

Westpac is adding the most points to the market with a gain of 1 per cent. But the biggest gains are with Bingo Industries, up 7.5 per cent to $1.98, Lynas Corp, up 7 per cent to $2.42, Galaxy Resources, up 6 per cent to $1.79, and Adelaide Brighton, up 5 per cent to $4.14.

The biggest drop today remains Fortescue, which went ex dividend on a 60 cent special dividend this morning.

IOOF Holdings is down 6.5 per cent, and Medibank Private is down 4 per cent to $3.19.

1.24pm on May 22, 2019

Australia's construction activity fell for a third consecutive quarter in the three months ending 31 March, ANZ economist Catherine Birch wrote in a note to clients today.

"The weakness in residential activity was not a surprise, but public engineering construction contracted for the third consecutive quarter, which is surprising given the large pipeline of public infrastructure spending. Consequently, construction activity will continue to detract from GDP growth."

Construction activity in Australia fell 1.9 per cent for the March quarter compared to the last three months of 2018. Housing construction fell 2.5 per cent, and engineering construction 3.9 per cent. Public sector construction fell 3.7 per cent, further than private sector construction's fall of 1.3 per cent.

Advertisement

1.08pm on May 22, 2019

This morning IOOF received formal directions from the Australian Prudential Regulation Authority regarding its Office of the Superannuation Trustee. The directors match a 'show cause notice' that IOOF received in April after failing to meet four of the 76 goals set by IOOF and the prudential regulator.

Since April IOOF says it has "continued to take steps to implement and maintain the Office of the Superannuation Trustee within the operations of the Group" and says it remains confidence it can meet APRA's deadline of 30 June.

IOOF shares are down 5.8 per cent today to $5.44.

12.34pm on May 22, 2019

Supermarket giant Woolworths has continued a major real estate divestment as it battles resurgent rival Coles for market dominance, selling two strategic supermarkets on the outskirts of Geelong for a combined $38 million. The retailer's latest divestments include a full-line freestanding supermarket in Lara, south-west of Melbourne, and a Woolworths-anchored neighbourhood shopping centre in Curlewis, east of Geelong on the Bellarine Peninsula.

"We have decided to sell ... following an opportunity to enter into agreements that will retain the tenure of these two properties through long-term leases," Woolworths said. "We are continually looking for opportunities to maximise value for our customers, team members, shareholders, and the communities we serve."

If everything is approved by the Federal Court on time shareholders will receive $2.465 per share on 6 June.

11.42am on May 22, 2019

Commercial services company ALS is down 4.4 per cent today to $7.21. The share price has lost nearly a full dollar since last week, which is strange given yesterday's results exceeded analyst expectations.

UBS analyst Nathan Reilly has a neutral rating on the stock and has just lowered his price target from $8.50 to $8.25, but called the full year results "solid". He notes ALS will continue to allocate capital to share buy backs and acquisitions, particularly in the food and pharmaceutical testing markets.

Macquarie Wealth Management analysts have an 'outperform' rating on the stock with a $8.62 valuation, and note yesterday's results were better than expected, although restructuring in the second half cost $8 million extra.

"The mix of ALS' earnings growth is changing with Life Sciences becoming more influential and hence its recovery is timely as the rate of earnings growth in Commodities slows from very strong levels. ALS is trading at a 15 per cent discount to global peers, versus its traditional 10 per cent discount," Macquarie's team writes.